Port has backing to redevelop Tivoli
The Port of Cork has confirmed it has the backing of the Ireland Strategic Investment Fund (ISIF) for the multi-million euro redevelopment of Tivoli docklands for new houses, offices and shopping centres.
It’s expected that all container traffic will be relocated from Tivoli to the new €80m deep water quays in Ringaskiddy by 2020, which will open the way for a planned major redevelopment at Tivoli.
The Port of Cork enlisted the Royal Institute of Architects in Ireland to draw up plans for its landbank there. Proposals include building 4,000 housing units, office blocks, shops and a railway station.
The port’s chief executive Brendan Keating said a ‘memorandum of understanding’ had just been signed by his company and ISIF, which will assist them working through their masterplan for the redevelopment of the 180-acre Tivoli site. “They are partners with us on the Ringaskiddy redevelopment and we have built up a very good working relationship with them,” the port chief executive said.
Mr Keating said it is unlikely any major redevelopment of Tivoli docks will occur until at least 2025 and it could take up to seven years to complete.
He said his company will present its masterplan to Cork City Council and the local authority may then include it in Local Area Plans — blueprints for future development in the area. “We’re hoping the project will be of value to the expanding population of Cork City. People will need housing,” he said.
The site is an ideal location because of its proximity to the city centre, as well as the Cork-Midleton and Cork/ Cobh railway line running through it. A redeveloped Tivoli, he said, would also provide easy access for workers living in the city and in some towns and villages on its eastern outskirts.
Mr Keating said road access from the eastern and western sides will have to be improved prior to redevelopment. “It’s our ambition now that after 2025 the port will dispose of some of its equity in the site and use it for reinvestment in port infrastructure,” he said.
Talks with its tenants in Tivoli on relocating businesses are also continuing.
Meanwhile, Mr Keating said the Port of Cork is now anxious to further progress development at the former IFI (Irish Fertiliser Industries) site at Marino Point, Cobh.